When two males feel the need to express excitement, or acomploshment by instead of using their hands to form a standard High-Five they form a new sensation where they whip out each others cocks and slap them together creating the new and improved, "Dick-Five".

(At a party)

Christian: Yo man, I just whipped out my junk and and dunked it in Alex's drink. Than when he came back from the bathroom he chugged it all, it was halarious.